Saudi stock exchange sets IPO offer price at top end of range
Tadawul set the price at SAR105 per share after an institutional book-building process
Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based bourse a valuation of SAR12.6bn ($3.4bn).
Tadawul, as the exchange is known, set the price at SAR105 per share after an institutional book-building process, according to a statement. The coverage ratio amounted to 121 per cent of total shares on offer.
At that price, the share sale will raise as much as $1bn for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30 per cent stake.
In November, Tadawul had set the price range at SAR95 to SAR105 a share.
The offering comes amid an IPO boom, with companies around the world raising a record of more than $600bn this year.
Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.
